Soybean prices fell between 5 to 8 cents in the front months on March 26, 2023, with the cmdtyView national average Cash Bean price at $10.91 1/4, down 2 cents. A total of 158 deliveries were issued on Friday, and soymeal futures decreased by $2.30, while soy oil futures rose by up to 92 points.
The Export Inspections report indicated that 1.138 million metric tons (MMT) of soybeans were shipped in the week of February 26, 2023, which is 66.9% more than the previous week. China received the largest share at 734,698 MT. However, the overall marketing year total stands at 26.18 MMT, down 30.4% from last year.
Brazil’s soybean crop is currently 39% harvested, lagging behind last year’s 50%. AgRural has revised its output projection down to 178 MMT, while StoneX estimates it at 177.8 MMT, representing a reduction of 3.8 MMT.
